Social Intelligence Claims Solutions Recognized in Report on Insurance Data Service Providers

Social Intelligence Corp., a leading provider of social media investigation and background screening services to insurers, employers, law firms, and Government entities, has announced that Social Intelligence’s Insurance Solutions were included in Novarica’s report titled “Novarica Market Navigator: Data Services for U.S. Insurers 2012(Q1).”

Insurance industry research and advisory firm Novarica’s report contains information on providers that assist insurers in gathering data about prospective risks and claims. Social Intelligence, which provides social media claims investigations, is the only vendor profiled in the report that focuses exclusively on using claimants’ social media and other publicly available information to help insurers to investigate and resolve fraudulent claims.

Insurance industry experts at the National Insurance Crime Bureau (NICB), Coalition Against Insurance Fraud (CAIF), and most leading carriers recommend using social media to effectively combat insurance fraud. Social Intelligence Insurance Solutions are used today by a wide range of insurance carriers from national multi-line carriers to single-line, single state specialist insurers. Insurers’ claims adjusters, SIU personnel, and litigation specialists use the service to uncover claim-critical information from a wide variety of claimants’ social media and other publicly available online information. Numerous third- party administrators also partner with Social Intelligence to make these services available to insurers that outsource their SIU functions.

“U.S. insurers are increasingly leveraging external data sources in core business processes. The business case is simple, yet powerful: external data sources can provide immediate access to quality, comprehensive data that can improve underwriting outcomes and create efficiencies for the consumer, agent and insurer,” said Martina Conlon, Principal with Novarica. “Carriers are just beginning to understand the value of information from emerging sources like social media, but we expect the use of this type of data to increase over time as insurers see the benefits of incorporating these additional sources in their business operations and modeling.”

“We are thrilled for Social Intelligence to be recognized by Novarica as a major data service provider to the insurance industry,” commented Max Drucker, CEO of Social Intelligence Corp. “Our claims investigations products are helping our clients realize significant cost savings through reductions in reserves, loss adjustment expense, and time spent on claims investigations.”

Social Intelligence Corp., is the leading provider of social media investigations and background screening solutions to a wide range of industries. With innovative and legally compliant tools, technology, and services, Social Intelligence’s suite of products identify insurance fraud, facilitate better hiring decisions, and reduce overall operational risks. Social Intelligence provides powerful tools to insurers and claims specialists to reduce fraud, to employers to mitigate workplace risks, and to many other organizations to benefit from the valuable information that can be attained through social media research. Social Intelligence is complaint with Federal and State law to ensure that both individuals and organizations are protected.